Product Launch-Corporation Bank-Green Money Transfer

  

Product Launch-Corporation Bank-Green Money Transfer

 On 5^th November, 2009, Corporation Bank in partnership with On 5^th November, 2009, Corporation Bank in partnership with Tata Indicom and Paymate   launched an industry first by making person-to-person mobile money transfer a reality(Titlled GREEN MONEY TRANSFER).

This is one step closer to financial inclusion of its  un-banked population. With this service, called Green Money Transfer, any mobile phone user can send or receive money almost instantly via their mobile phone

More details can be obtained at

http://www.paymate.co.in/green/

http://www.tata.com/article.aspx?artid=48AbTWkt4WI=

The Service has launched initially in Kerala. Basing on the responses, the product will be fine-tuned, and rolled nationally.

Kerala is a good choice, as the Rate of Literacy is high, combined with the high Migrant Population.

At present, Tata PCO’s have a presence in 20 circles and more than 200 town. Source- Tata Indicom website.

Rs5,000/- is the limit fixed, this is in accordance with Reserve Bank of India guidelines.

A post on this subject can be accessed @

http://prashantnepayments.blogspot.com/search/label/Mobile%20Banking

The Process Flow is as under

Customers can register for this service at a Green TATA PCO, TVS(True Value Shop (TVS) network) or with Corporation Bank.

Upon registration, they will receive an mPIN to enable them to authorise the transaction.

1. A sender in Mumbai goes to a Green Tata PCO or TVS and places a request of transferring Rs. 5000 to his parents in Pune
2. The sender hands over the cash to the Green Tata PCO or TVS. The PCO or TVS triggers an IVR call to the sender
3. The sender enters his mPIN to authorize the transaction and gets a Transaction code on his mobile to be conveyed to the recipient.
4. The recipient goes to the nearest registered Tata PCO or TVS and shares the transaction code.
5. The PCO or TVS triggers an IVR call to the receiver who enters his/her mPIN to verify the transaction
6. Once the verification is done the cash is handed over to recipient.

The Product seems good, but the following need more clarity:-

01) Charges for the transactions.

02)                       Is this transaction restricted only to TATA Mobile customers, or is it open to anyone with a mobile phone.

03)                       Is the mPin Valid for all transactions or is mPin valid only for single transactions.

04)                       Is the Product available on Public Holidays.

05)                       What happens if the receiver TATA PCO/True Value Shop does not have cash at that moment, when the receiver walks in!
06)         How long will the transaction be valid?

As this is only a Pilot Launch, trust things will be clear in a couple of months.

The success of this product will depend on the marketing and MOW(Mouth of Word) Publicity. However, Tata and Corporation Bank are trustworthy names.